J. Ray McDermott Awarded Pluto Offshore Platform Contract

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Jan. 22, 2008

McDermott International, Inc. (NYSE:MDR) ("McDermott"), announced today that a subsidiary of J. Ray McDermott, S.A. ("J. Ray") was recently awarded a contract by Woodside for the Pluto Offshore Platform north west of Karratha, Western Australia.

The scope of work for this contract includes the installation engineering, transportation and installation of the complete platform. Contracts of this nature are typically valued at approximately $100 million, and this contract was recorded in McDermott's Offshore Oil & Gas Construction segment's backlog during the fourth quarter of 2007.

"The award of this contract is an excellent follow-up to the successful transportation and installation that J. Ray completed on the Angel Platform, also for Woodside and it demonstrates our strength of experience in installation projects offshore Australia," said Bob Deason, Chief Executive Officer of J. Ray. "We look forward to working with Woodside once again."

The substructure, a four-leg extended base tower with a launch weight of 10,000 metric tons, will be secured with drilled and grouted foundations by J. Ray's 3,080-ton capacity construction barge, the DB30. The DB30 will also lift and install the topsides. Work will commence in the first quarter of 2008 and is expected to be completed fourth quarter 2009.

The Pluto gas field was discovered in April 2005 in the Carnarvon Basin. The field is located approximately 190 kilometers north west of Karratha.

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